Timeline for Egoistic miners combined with large transactions destroy PoW?
Current License: CC BY-SA 3.0
7 events
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| Dec 4, 2017 at 22:07 | comment | added | chytrik | The more complicated you make the plan, the higher the risk of it not working. What if the exchange you're using to short goes down due to a DOS attack, caused by market panic as people race to exit? The safest play is to mine cooperatively. I posted a similar question that you responded to, in there the rough math has 51% of the yearly mining reward set to ~$3.3billion. Miners would expect their position in the market to continue yielding profits for years to come (as they re-invest in their operations), so I think the bribe would have to be in the 11 digit range to be enticing. Thats a lot! | |
| Dec 4, 2017 at 21:16 | comment | added | user65934 | Ok, but even if we think hardware is worthless afterwards, we can use a short position and got so high profit and bribe fees that miners aren't interested in. I've done calculation on bitcointalk.org/index.php?topic=2512771.0. You should start reading in the block about the calculations. | |
| Dec 4, 2017 at 20:54 | comment | added | chytrik | I don't think the existence of an alt-coin with that property would incentivize miners to perform this attack. Technical users may understand well enough to migrate to a 'safer' coin, but the more general public would lose trust in cryptocurrencies, so the 'market cap of the industry' would fall. So again, I don't think miners would choose to perform this attack | |
| Dec 4, 2017 at 9:32 | comment | added | user65934 | That's just a technical argument. Maybe someday (today?) there is an alt-coin resistant against attack scenario, which miners can mine when PoW currencies go down, so bribe is only about mining reward during the attack. | |
| Dec 4, 2017 at 9:29 | comment | added | chytrik | Because the miners think they'll make the most profit by continuing to secure the bitcoin network, rather than just take a quick bribe and watch the public confidence in the network drop (ie price drops). Miners expect to make profit off their equipment for a lot longer time than the next ten blocks, the bribe would have to be huge, at least as large as 51% of the mining reward for the next year or more. | |
| Dec 4, 2017 at 8:18 | comment | added | user65934 | But the question stays: Why do "miners see it as being less profitable in the long run."? | |
| Dec 4, 2017 at 3:19 | history | answered | chytrik | CC BY-SA 3.0 |